Question

Refer to the Adjusted Trial Balance of Uniklo Clothing Store and address the requirements that follow. Uniklo Clothing Store Adjusted Trial Balance As at 30 June 2020 Debit ($) Credit (5) Cash 93,000 Accounts receivable 30,000 Prepaid insurance 7,500 Inventory 90,000 Furniture 30,00GYI 12.000 Accumulated depreciation - furniture Accounts payable 9,000 Bank loan short-term 7.500 Sales 495,000 99,000 120,000 Cost of goods sold Wages expense Fuel expense Supplies expense Marketing expense 9.750 3,000 6,000 Rent expense 36.000 Office expenses 1,200 Interest expense 420 6.000 Depreciation expense - furniture Capital - K. Kardashian Drawings mk. Kardashian TOTAL 68.370 60,000 591,870 591,870

Answer 1

Uniklo Clothing Store 495000 -99000 Debit in $ Credit in $ 281370 99000 120000 396000 9750 120000 Closing Enteries Date Particulars 30.6.2020 Income Summary Cost of goods sold Wages Expense Fuel Expense Supplies Expense Marketing Expense Rent Expense Office Expense Depreciation Expense - Furn. Interest Expense (Expense accounts closed) 3000 9750 Statement of Income For the period ending 30.6.2020 Sales Cost of goods sold Gross Margin Operating Expenses: Wages Expense Fuel Expense Supplies Expense Marketing Expense Rent Expense Office Expense Depreciation Expense - Furn. Operating Income Other Expenses: Interest Expense Net Income 6000 36000 3000 6000 36000 1200 6000 1200 6000 420 181950 214050 495000 30.6.2020 Sales Income Summary (Revenue accounts closed) -420 213630 495000 213630 30.6.2020 Income Summary Capital - K.Kardashian (Profits transferred) 213630 60000 30.6.2020 Capital - K.Kardashian Drawings - K.Kardashian (Drawings account closed) 60000